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GBP Weekly Forecast – Mid-Tier Data and Counter Currency Action

GBP Weekly Forecast – Mid-Tier Data and Counter Currency Action

There are no top-tier releases from the U.K. economy this week, but the leading indicators might still extend the pound’s rallies. Here’s what’s on th

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There are no top-tier releases from the U.K. economy this week, but the leading indicators might still extend the pound’s rallies.

Here’s what’s on the docket:

Mid-tier releases

  • BRC retail sales monitor (Feb. 9, 12:01 am GMT) to print another gain in same-store retail sales for February?
  • Preliminary Q4 2020 GDP (Feb. 12, 7:00 am GMT) to show 0.5% growth vs. earlier 16.0% expansion
  • Industrial production (Feb. 12, 7:00 am GMT) to indicate 0.5% rebound after earlier 0.1% dip

Technical snapshot

GBP Forex Pairs Stochastic from MarketMilk
GBP Forex Pairs Stochastic from MarketMilk
  • This oscillator puts EUR/GBP in the oversold region and the rest in neutral territory
  • Long-term trend strength analysis, however, paints a different picture as EUR/GBP is in the bearish region based on moving averages
GBP Forex Pairs Moving Averages from MarketMilk
GBP Forex Pairs Moving Averages from MarketMilk

Missed last week’s price action? Better check out the GBP Weekly Review for Feb. 1 – 5!

This post first appeared on babypips.com

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